The Central Bank of Nigeria (CBN) Monetary Policy Committee (MPC) has announced an increase in the monetary policy rate by 50 basis points to 27.25 per cent from 26.75 per cent.
The Central Bank of Nigeria Governor, Olayemi Cardoso who made the announcement on Tuesday after the 297th meeting of the MPC, said the decision was taken to safeguard the gains that have already accrued in reining in inflation.
He pointed out that the asymmetric corridor was retained at +500/-100 basis points.
Governor Cardoso highlighted that the foreign reserves as of September 19, 2024, were $39.07 billion, capable of covering eight months of imports of goods and services and 13 months for goods only.
Credit: Nigerian Tribune